Dyadic Security Raises $12 Million to Help Enterprises Virtualize Their Crypto while Maintaining Hardware-Level Security Standards

Dyadic Security, the world leader in Software-Defined Cryptography (SDC), announced today the completion of a $12 million Series B funding round led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Eric Schmidt’s Innovation Endeavors. The funding round will be used to expand Dyadic’s sales and marketing operations in North America. Dyadic provides enterprise customers and financial institutions both security and usability in managing their cryptographic keys, rather than the traditional tradeoff. Founded by world-renowned cryptography experts and a strong team of applied crypto software engineers, Dyadic has created the world’s first SDC technology, called Dyadic vHSM (virtual Hardware Security Module).

Why does the Finance Industry See Such a Strong Value in Dyadic?

Dyadic has changed the game for financial institutions in how they protect sensitive data assets. Based on decades of research in Multiparty Computation (MPC), Dyadic’s MPC-based technology helps its customers overcome the tremendous security and compliance challenges they face as they make the transition to a cloud-based infrastructure. Banks have traditionally relied on costly, rigid hardware-based security modules to meet security and compliance requirements for handling sensitive operations such as identity, payments and data protection. With Dyadic vHSM, financial organizations now can implement a more efficient, cost-effective and seamless security solution that combines the usability, flexibility and scalability of software, with the security guarantees of hardware.

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